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ÍCICI Direct Report
Dwarikesh Sugar Industries Ltd. saw revenue growth of 6.8% to Rs 540.1 crore led by 40.8% jump in distillery sales. Ethanol volumes grew 33.5% to 2.2 crore litre with 2.6% jump in average distillery realisation to Rs 59.1/litre.
The company has commissioned new 175 thousand litre per day distillery in June 2022, which has taken its annual distillery capacity to 337.5 KLPD (11 crore litre per annum).
Sugar sales dipped 1.2% to Rs 403.4 crore on the back of 4.8% decline in sugar volumes and mere 3.5% uptick in sugar realisation.
Dwarikesh Sugar sold 1.14 lakh tonnes of sugar with average realisation at Rs 34.9/kg.
Power volumes declined 14.9% to 2.8 crore units with average tariff moved up from Rs 3.2/unit to Rs 3.3/unit.
The company witnessed a sharp decline in gross margin mainly on account of increase in sugarcane prices and lower recovery rate in 2021-22 sugar season.
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